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457(b) Distribution/Rollover Authorization Form Participant Instructions The 457(b) Distribution/Rollover Authorization Form must be submitted to National Benefit Services, LLC (NBS), the third party

How to fill out the 457b distributionrollover authorization

How to fill out the 457b distribution/rollover authorization:

1. Obtain the form: The first step is to acquire the 457b distribution/rollover authorization form. This form is typically provided by the financial institution or retirement plan administrator who holds your 457b account.
2. Provide personal information: Begin by filling in your personal information on the form. This typically includes your full name, social security number, address, date of birth, and contact information. Make sure to double-check the accuracy of this information to avoid any processing errors.
3. Select distribution/rollover options: The form will include various options for how you want your funds to be distributed or rolled over. Decide whether you want a direct transfer to another retirement account, a distribution to yourself, or any other applicable options. Make sure to carefully review the instructions and select the option that aligns with your specific financial goals and needs.
4. Specify the amount: In this section, you will need to indicate the amount you want to distribute or roll over. This can be a specific dollar amount or a percentage of your account balance. Ensure you accurately specify the desired amount to avoid any discrepancies or delays in the transfer process.
5. Provide recipient details: If you are opting for a direct transfer or rollover to another retirement account, you will need to provide the details of the receiving institution or account. This typically includes the institution's name, address, account number, and any other necessary information. Double-check these details to ensure they are correct and up-to-date.
6. Signature and date: To complete the form, sign and date it in the designated sections. By signing, you are confirming that the information provided is accurate and that you agree to the terms and conditions outlined in the form.

Who needs the 457b distribution/rollover authorization:

1. Employees with a 457b account: The 457b distribution/rollover authorization is primarily required by individuals who have a 457b retirement account. This type of account is commonly offered to employees of state and local governments, as well as certain tax-exempt organizations. If you are eligible for a 457b plan and wish to make changes to your account or transfer funds, you will likely need to complete this authorization form.
2. Individuals planning to change retirement plans: If you are considering transferring your 457b account funds to another retirement plan, such as an individual retirement account (IRA) or a new employer's retirement plan, you will need to complete the distribution/rollover authorization form. This process ensures that your funds are transferred accurately and in compliance with applicable tax laws.
3. Individuals who want to receive a distribution from their 457b account: In some cases, individuals may choose to receive a distribution from their 457b account instead of rolling it over to another retirement plan. This might be for various reasons, such as financial needs or retirement planning strategies. If you fall into this category and wish to initiate a distribution from your 457b account, you will be required to complete the distribution/rollover authorization form.

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What is the 457b distributionrollover authorization?

The 457b distributionrollover authorization allows participants to move funds from a 457b retirement account to another eligible retirement account without incurring penalties.

Who is required to file the 457b distributionrollover authorization?

Participants who wish to rollover funds from a 457b retirement account to another eligible retirement account are required to file the 457b distributionrollover authorization.

How to fill out the 457b distributionrollover authorization?

The 457b distributionrollover authorization can be filled out by providing personal information, details of the receiving retirement account, and authorization signatures.

What is the purpose of the 457b distributionrollover authorization?

The purpose of the 457b distributionrollover authorization is to facilitate the movement of retirement funds between eligible accounts without tax consequences.

What information must be reported on the 457b distributionrollover authorization?

The 457b distributionrollover authorization must include participant details, details of the receiving retirement account, and signatures authorizing the rollover.

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